The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1887-03-03
Extra Session of the Legislature

The Governor has called an extra session
OF the Legislature to convene on the 10th
OF March. For what purpose it is not
stated. except that the constitution vests
in him that power, when the condition of
the State requires it. Various surmises
are afloat as to what subjects will be called
up for consideration and action. when the
General Assembly reconvenes. One is to
provide ways and means to extricate the
Indemnity board from the embarrassments
their several unsuccessful suits to enforce
unconstitutional laws with coupon-payers
have created. The Indemnity Board wants
to be Unidentified itself. Another Is, that
the Revised Code may be received, or a
report from the Revisors, although it is
given out that they have not sufficiently
advanced with their work to justify re-
port. Another is suggested, which con-
templates the passage of a constitutional
amendment, fixing date when the bond
holders can fund their securities in Rid
dleberger IS, after which all that re.
main unfunded will be repudiated-
both as to principal and interest,"
Another is that the Governor has some
definite plan to propose to dispose of the
debt controversy, which will receive the
concurrence of the creditors, and thus es-
top all further agitation. We trust this
last surmise may prove correct. If it
should, there will be no regrets hereafter
expressed because of the expense incurred
for such contamination. But should the
outcome Of the extra session be confusion
worse COMPOUNDED. !" and no satisfactory
legislation be Observation-Disclosures to the
people and acceptable to the creditors it
will be source of popular irritation and
much harsh and bitter criticism.
And it is further inJimated that there
may be an entire surrender of the Demo-
cratic members, in move to repeal all the
obstructive and unconstitutional legisla-
ton enacted since 1883, and re-adopt the
Republican measures for the enforcement
of the Riddleberger bill. OF course this
would be an awful admission of incompe-
tency on the part of all the talent and all
the decency" OF the State, yet it would be
a confession that might be gooG for the
soul, and atone for the many foolish and
wicked things the Democratic party,
Thoughts legislative representatives, has
been guilty of.
1t will be no easy matter to equitably
adjust and place upon an equal basis the va
rious classes of the public debt. To do so
calls for patient labor and sagacious states
manship, such as have not been manifested
either by the Governor or the Legislature
as yet. We have the consol coupon bonds,
the consol registered bonds, Peeler conpon
bonds, Peeler registered bonds, ten-forty
coupon bonds, ten-forty registered bonds,
| old unfunded dollar bonds, old unfunded
sterling bonds, and Riddleberger 8 per cent
bonds-the latter reaching up to about
SIS, 500,000-one half of which is in the
hands of the public. The principal of these
various securities and the accum ulated in
terest aggregate somewhere in the neigh
borhood of $50, 100000, including the SIS
held by the Slate, which is not really debt
all bearing per cent interest except the
ten-forties and Riddleberger IS. It is this
condition of the debt that the Governor
and the Legislature will have to grapple
with, If the purpose is to attempt a settle
ment of it, other than that proposed in
the Riddleberger bill. 1t is tangled af-
fair to make the best Of it, and we await
with some curiosity, if not serious concern.
| to see how it will be effected and what will
be the plan of procedure to dispose of the
controversy, if that should be the object of
| the call of an extra session